Keefe, Bruyette and Woods Upgrades Wells Fargo (WFC) to Market Perform
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Keefe, Bruyette and Woods upgrades Wells Fargo (NYSE: WFC) to Market Perform. Price target $30.
Keefe analyst says, "Wells Fargo announced on Friday the acquisition of Wachovia (NYSE: WB) in an all-stock transaction with an estimated value of $15 billion, with Wells planning to raise an additional $20 billion in equity. Strategically, this acquisition, if completed, will make Wells Fargo one of three banks with national bank footprints (along with Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) with the acquisition of Washington Mutual (NYSE: WM))...We believe that the primary risk to our earnings estimates and price target include poor execution of potential acquisitions and prolonged credit costs beyond our current forecast."
Wells Fargo & Company is a financial holding company and a bank holding company.
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